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Co-Sponsors

SOURCE OF INFORMATION : RESERVE BANK OF INDIA WEBSITE & NEWSPAPERS
PERIOD COVERED : 01-AUG-1996 TO 21-NOV-2024

CO-OPERATIVE BANKS: DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES ISSUED BY RBI/NABARD ON FRAUDS MONITORING AND REPORTING MECHANISM WITHIN PRESCRIBED TIMELINE

S.No. ENTITY PERSONS REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person BARODA GUJARAT GRAMIN BANK
  DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES ISSUED BY RBI/NABARD ON FRAUDS MONITORING AND REPORTING MECHANISM WITHIN PRESCRIBED TIMELINE   IMPOSED PENALTY RS.5,00,000

07-AUG-2023 		 
2
History of entity/person CO-OPERATIVE BANK OF RAJKOT LTD.,THE
  DID NOT PROVIDE 24X7 ACCESS THROUGH MULTIPLE CHANNELS TO REPORTUNAUTHORISED ELECTRONIC TRANSACTIONS THAT HAD TAKEN PLACE AND/OR LOSS OR THEFT OF PAYMENT INSTRUMENT SUCH AS CARD ETC.

DID NOT IMPLEMENT DEVICE BINDING CONTROL MEASURE RELATED TO ‘SMS DELIVERY RECEIPT CHECK’

DID NOT ENABLE CUSTOMERS TO INSTANTLY RESPOND BY “REPLY” TO SMS AND E-MAIL ALERT SENT BY THE BANK

USED ABRIDGED FORM OF ITS NAME IN SOCIAL MEDIA POSTS ON MULTIPLE OCCASIONS WHEREIN FULL NAME OF BANK AS APPEARING IN BANKING LICENSE WAS NOT DISPLAYED PROMINENTLY AND ALSO FONT SIZE USED FOR FULL NAME WAS SMALLER THAN ONE USED FOR ABBREVIATED NAME

DID NOT ADHERE TO DIRECTIVES/INSTRUCTIONS/GUIDELINES ISSUED BY RBI/NABARD ON FRAUDS MONITORING AND REPORTING MECHANISM WITHIN PRESCRIBED TIMELINE   		IMPOSED PENALTY RS.10,00,000

05-JUN-2023 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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